Daud Olatunji
Nigeria’s worsening economic crisis has forced the closure of approximately 7.2 million businesses between 2023 and 2024, raising concerns over the country’s financial stability, a new report has revealed.
PLATFORM TIMES reports that the report was released by the Nigerian Economic Research Group (NESG) during the launch of the 2025 Private Sector Outlook.
The report highlighted that the country suffered an estimated N94 trillion economic loss due to multinational divestments and business shutdowns within the period.
Speaking at the event, NESG’s Chief Economist and Director of Research, Dr. Segun Omisakin, attributed the mass closures to unfavourable economic conditions.
He noted that about 30% of Nigeria’s 24 million Micro, Small, and Medium Enterprises (MSMEs) had ceased operations within the past year.
“Between 2023 and 2024, multinational divestments and business closures led to an estimated N94 trillion economic loss.
Additionally, 30% of Nigeria’s 24 million MSMEs shut down during this period, underscoring the country’s economic vulnerability,” Omisakin stated.
The development comes amid rising inflation, surging fuel and transportation costs, and an overall increase in the cost of doing business, making it difficult for enterprises to survive.
Stakeholders have called on the government to introduce urgent policy measures to stabilise the economy, revive struggling businesses, and restore investor confidence.
The NESG report further stressed the need for improved economic policies, investment incentives, and infrastructure development to boost the private sector.
PLATFORM TIMES further reports that with the business environment remaining fragile, analysts warn that without strategic reforms, the ongoing wave of business closures and capital flight could further deepen Nigeria’s economic crisis.
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